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Story summary
- Eli Lilly and Company acquires CrossBridge Bio for $300 million, including an upfront payment and potential milestones.
- CrossBridge, founded in 2023, develops dual-payload antibody-drug conjugates (ADCs) and CBB-120.
- The acquisition marks an endorsement of ADC technology by a leading pharmaceutical company.
- CrossBridge's CEO Michael Torres notes the deal offers a tenfold return for seed investors.
- The company will seek FDA approval to begin human testing of CBB-120 later this year.
